Soundeon, a decentralised and vertically integrated music platform, is leveraging blockchain technology to eradicate malpractice in ticketing and royalty collection.
The firm covers all aspects of the music industry from the creation and copyright of a work to contractual resale of both existing and future music assets, to concert organisation and ticket sales.
According to music industry leading economist Will Page, music copyrights globally generated $24.4bn in revenues in 2015.
In addition, live ticketing in 2017 generated $32bn in primary sales and another $9.8bn in resales. Both ticketing segments are growing at a five-year CAGR of 14 and 19 per cent respectively.
Ruslan Guseynov, co-founder, head of strategy & development, said: “In order to achieve the ultimate entertainment experience, talent must be discovered and empowered. The status quo in the music business dictates archaic terms as if we live in 1954.”
There are five layers that make up the Soundeon platform, including Music Token Sales, which is an opportunity for artists to launch Token Sales and finance personal projects through the support of the Soundeon community.
Next, Soundeon Monitor combines data aggregation and deep analytics, making it possible for artists and pledged fans to easily track all royalty streams and other revenues, including ticketing income.
Soundeon Exchange is a tokenisation tool and decentralised exchange of intellectual property where everyone can buy or sell their royalty income with an opportunity to create diversified personal music royalty portfolio.
Guseynov said: “By integrating the latest blockchain technologies we are creating a single media rights and management ecosystem that is uncensored, immutable, fair and transparent.”
Soundeon Tix is a smart ticketing platform natively embedded on the Soundeon environment. Dynamic QR codes and Creative Smart Contracts™ eliminate ticket scalping, fraud and empower organisers to take full control of ticket resells.
Soundeon Player is a music player that utilises blockchain technology for transparent royalty distribution. The alpha version of Soundeon is already under development and will be released in April 2018. The beta version is due for release in December 2018 followed by a fully functional platform launch in March 2019.